IBM Japan Ltd and Sumitomo Electric Industries Ltd will have 40% each of a joint venture company to create intelligent buildings. Capitalised at $3m, the venture will have three Japanese insurance companies, Nippon Life Insurance Co, Sumitomo Life Insurance Co and Dai-Ichi Mutual Life Insurance Co sharing the remaining 20%. IBM will contribute its computing, local area networking and telecommunications skills to the venture, while Sumitomo will contribute its expertise in fibre optic cabling. The market for energy-efficient wired buildings is forecast by the Japanese government at over $200,000m over eight years.
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